June 15, 2011
OCC Assesses Civil Money Penalty Against JPMorgan Chase Bank, N.A.
WASHINGTON — The Office of the Comptroller of the Currency announced today that it has imposed a civil money penalty of $2 million against JPMorgan Chase Bank, N.A. related to the marketing and sale of a credit protection product by Chase Auto Finance, a division of the Bank, during January 2008 through May 2009. Chase Auto used written scripts together with oral high-pressure sales tactics that included statements which were materially false, deceptive or otherwise misleading in violation of the Federal Trade Commission Act.
The Bank, without admitting or denying any wrongdoing, consented to an order imposing a civil money penalty of $2 million based on the violations. In addition and in consultation with the OCC, the Bank initiated and completed a plan to take appropriate remedial actions to fully address and correct the violations of law and/or other deficient practices identified in Chase Auto and two other business lines, including distributing nearly $25 million to affected customers.